Why Are Property Values In Victoria So Fussy?

Recently I helped my friend sell a condo and move up island. Selling the condo in a tight market is no easy task, we took the assessment of the property value seriously which made sure we had a strong footing when an offer came in.

Right now we are seeing extremely low offers which are not based on available data, people seem to through stink bids around and see if someone is dumb enough to accept. In this recent condo sale we received one of these bids and took the solid market data we used to assess the property and gave it to the buyer, who eventually came up $19,000 to our asking price (98.9% of asking).

This is why I am so fussy about property values; it gives us strength to defend our position during negotiations. I feel that if we’ve done our homework and use that info correctly, we can negotiate with confidence and achieve the result we set out to get.

There seems to be a bit more action here right now compared to the past few months but things have been exceptionally slow for a little over a year now. We have been facing a bit of a stalemate between buyers who think prices have come down, and sellers who don’t.